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ASX to open flat as hundreds of workers strike

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and Sydney trains pulling into a station.
The ASX is looking towards a flat start today as Sydney transport workers launch industrial action. (Source: Getty)

ASX: The local market is expected to open flat after the US had a choppy session overnight.

This comes after broad-based gains in mining, tech and financial stocks helped the Australian share market rally nearly 2 per cent yesterday.

Wall Street: US stocks closed a choppy session lower on Monday, weighed down by losses in technology shares, after the major indexes failed to sustain momentum from last week’s rally.

Crypto: The recent plunge in cryptocurrency prices has at least one major Wall Street firm staying on the sidelines for some crypto-linked stocks.

Goldman Sachs downgraded a number of crypto stocks with the firm saying it believed further falls in the sector were coming.

Ukraine crisis: Leaders of the Group of Seven (G7) wealthy democracies have pledged to stand with Ukraine “for as long as it takes” by cranking up sanctions on Russia and backing security commitments for Kyiv in a post-war settlement.

2021 census: Move over Baby Boomers, Australia's Millennial generation is becoming the nation's largest.

A swag of new data released today shows both demographic groups comprise 5.4 million people, but the 2021 statistics reflect a diminishing number of 'Boomers' compared to the 2016 survey.

Lacking confidence: Consumer confidence is likely to have remained in the doldrums after Reserve Bank governor Philip Lowe reiterated more interest rate hikes were on the horizon.

The weekly ANZ-Roy Morgan consumer confidence index - a guide to future household spending - is released today.

Strike action: NSW commuters are being warned of widespread delays as train drivers take industrial action, while the state's nurses are set to stop work over staffing.

Train drivers will begin four days of action today by limiting trains to a maximum of 60km/h.

Meanwhile, hundreds of workers from 80 hospitals are expected to take part in a mass meeting in central Sydney.

Vale: Italy's Leonardo Del Vecchio, who rose from childhood poverty to build the eyewear empire that owns brands such as Ray-Ban and Oakley, has died at the age of 87, his company said.

- With AAP

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